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 Will i get a refund or will i have to pay taxes? |
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Additional Details
have had about 4500 ... |
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Additional Details
for as long as nearly 3 years?... |
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chief_clay77 | If I (a 22 yr old college student) buy a new computer, can I claim it as a tax write off in 2008? |
I am currently trying to decide if I should upgrade to a new computer. If I buy this new computer and claim myself on my taxes, will it be a write-off for me since I am a college student?
Additional Details
I am an options trader and have made enough so that the write-off would be beneficial. |
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taxreff
|
I'm afraid the answer is no.
College students get tax benefits by either claiming an education credit or the tuition and fees deduction for their qualified educational expenses. The defintion of qualifying educational expenses does not include books, computers, and other supplies, unless they must be purchased from the school as a condition of enrollment. That is rare.
Since your computer does not meet the definition of a qualifying educational expense, it cannot be used to compute either a credit or a deduction. |
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Dr. Deth
 |
it's only deductible for businesses, not students and then you would have to depreciate it over 3 yrs |
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v b
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I sincerely doubt that you will keep time logs showing the percentage of time the computer was used for personal use and the percentage of time the computer was used for business or investment purposes.
Even if you did, you would depreciated the computer over several years, only take the non-personal percentage, put it on the schedule A (with further limitations) and then if you are able to itemize, it might make a teeny, tiny difference.
As for being an options trader. Big whoop. You are a college student first, an investor second. |
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jinenglish68
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absolutely not. |
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Calm
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You do not have enough expenses at 22 to itemize your deductions to gain that benefit. Furthermore, you cannot tax writeoff the purchase of a new computer. |
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Judy1
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No, being a student does NOT allow you to deduct a computer on your tax return. |
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adamie
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i'll ask you a question i just want to know what the hell you just said i don't understand? |
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Stache Man
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Unless you use the computer to provide income to a business, how can you write it off? |
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Claire
 |
Unfortunately, the cost of your computer does not qualify as a deduction because it is a computer for your personal use. A computer would be deductible in cases where the PC is used in business to generate business income. |
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lilith1971
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as a student don't you claim 0 |
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Juan O
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may be |
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tanzer360
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Only if you itemize your deductions. |
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